Refocusing on strategy by leveraging the right tech (Sponsored by Payworks)

Maureen Kinnear
Chief Technology Officer
Payworks

Have you ever seen a fellow bookkeeper’s eyes light up when they’re talking about work? At the time, they were likely describing how they helped a client overcome a complex business challenge, and how great it felt to make a positive difference!

After all, bookkeepers like you know better than anyone that there’s a whole lot more to the job than just “keeping the books” – you’re there to serve as your clients’ strategic partner. At least… when there’s time to do so.

Oftentimes, carving out that heads-down strategic focus can feel like the trickiest problem of all. And with your own team and your clients’ businesses growing quickly, it’s become even more valuable to do so.

With the right tech tools, you can save time on administrative tasks, find efficiencies in your day-to-day bookkeeping work (without compromising the reliability upon which you’ve built your business!), and access a faster snapshot of the big picture – all of which will help you differentiate your bookkeeping practice as a strategic leader.

Ready to elevate your impact? Here’s where to start.

Easing the administrative burden – because every minute counts

A long email here, some data re-entry there... and wait, what’s the password for that client’s account? While the administrative tasks that keep the metaphorical engine running may not stick out in your mind when it comes to calculating billable hours, the minutes they suck out of your day can add up surprisingly quickly!

When it comes to multi-tasking and juggling different client accounts, lean on tech that offers multi-account sign-on. Rather than having to maintain (and securely store) a long list of client login credentials, you’ll be able to log in once with your own credentials and toggle between all of the linked accounts using that system.

As for balancing multiple tech tools, look for a payroll partner who offers integrations with some of the most popular accounting and bookkeeping software options. The right integrations will allow key information, like journal entry data, to securely flow from one system to the other in a click – no manual re-entry required, which means more time saved and less chance of human error.

And speaking of the human side of bookkeeping – sometimes, it can’t be avoided: you’ve got to deliver a message that a client won’t want to hear. Whether you’re increasing your fees, looking to change the general terms of your agreement, or otherwise, finding the right words can be stressful and take a lot of pondering, editing, and starting over. Try experimenting with a chatbot that uses artificial intelligence (AI) to create a rough first draft that you can use as a starting point, making adjustments to reflect the tone and messaging that feels most authentic to you.

Finding a trusted partner in tackling the day-to-day

Once your administrative tasks are well-in-hand, you can turn your attention towards optimizing the “bread and butter” bookkeeping work on your to-do list: payroll, tax filing and remittances, prepping reports and more. Your best bet in achieving this goal is to establish a technology partner – one who takes the time to understand the ins and outs of your bookkeeping practice, and can recommend the right tools to meet your specific needs.

When it comes to evaluation of these solutions, take a close look at:

• Security: You’re entrusted with some of your clients’ most critical and personal data, and the technology partners you select need to take that responsibility as seriously as you do. Ask about whether or not data stays in Canada and if it’s encrypted, how application and network security is managed, and if multi-factor authentication is available. Psst: check out “Five ways bookkeepers can pick a secure technology partner” in the Q4 2024 issue!

• Reliability: The work you’ll be doing within these systems is the foundation of your business – and your reputation. And it can be difficult to know who to trust! Seek out recommendations from fellow bookkeepers, review vendor case studies, and find out what kind of client support is available for when out-of-the-ordinary circumstances arise (because inevitably, they will).

• Ease of use: Let’s face it – technology that’s too cumbersome to wrap your head around won’t end up saving you time… because you’ll never want to use it! In your evaluation process, make sure to participate in demos so you can see the navigation for yourself; the interface should be easy and intuitive to navigate. The onboarding process should be well-established to ensure you can hit the ground running. And don’t forget to ask about their tech support options if you forget how to complete a less-common task – whether it’s person-to-person, an online help centre, or (ideally) both.

Don’t underestimate the potential growth that tech solutions can bring to your business if they tick all of these boxes! Serving your clients more efficiently means you can pass some of the resulting savings along to your clients (generating excellent word of mouth!) and focus the rest of your time on more strategic initiatives – the ultimate goal all along.

Diving deep into the data to identify opportunities for your clients

You may not realize it, but you’ve got rare visibility into your clients’ businesses through their data… and to the stories that are hidden in plain sight. You might be the first to notice a worrisome trend in employee turnover patterns, identify an outlier in their cash flow projections, spot a surprise opportunity for increased profitability, or otherwise.

As you can imagine, this information would certainly be considered valuable (and much appreciated) by your clients! The best way to position yourself as a strategic partner is to make it as easy as possible to uncover and identify opportunities like these so that you can bring them forward for consideration.